The report is available at: https://xpartnersgroup.com/investors/financial-reports/

SiO Signalteknik provides consultancy services to the railway sector, with a focus on signalling systems and traffic control. Its service offering includes design, internal and safety reviews, commissioning inspections, site supervision (BPU), assessment, Factory Acceptance Testing (FAT), and training services. The company is a well-established player with long-standing client relationships and recurring assignments. Founded in 2011, SiO is headquartered in Hedemora and has local offices in Borlänge and Gothenburg. The company has 14 employees and generated revenue of approximately SEK 22 million in 2025.

“We are very pleased to welcome SiO Signalteknik to XPartners. The company adds specialist expertise in an attractive niche area and strengthens our offering within the railway sector in a very good way,” says Magnus Trollius, Managing Director of XPartners Sweden.

The company operates across Sweden and has experience from projects in, among other locations, Nyköping, Hallsberg, Sundsvall, Uppsala, Björkliden and Kiruna.

“Through XPartners, we gain new opportunities for collaboration and knowledge-sharing with other specialist companies. This supports our continued development and strengthens our offering to clients within railway infrastructure,” says Hans Holmberg, CEO of SiO Signalteknik.

About SiO Signalteknik
SiO Signalteknik is a Swedish technical consultancy within railway infrastructure, specialising in signalling systems and traffic control. Founded in 2011, the company is headquartered in Hedemora and has local offices in Borlänge and Gothenburg. SiO provides services including design, internal and safety reviews, commissioning inspections, site supervision (BPU), assessment, Factory Acceptance Testing (FAT), and training services.

Jezierski & Fors was founded in 2015 and has more than 25 employees, with its head office in Malmö and an office in Solna. The company provides services including construction and project management, contract inspection, structural engineering, scanning and 3D modelling, and construction health and safety coordination. Its clients are primarily active in infrastructure, residential and commercial real estate. Annual revenue amounts to just over SEK 35 million.

“Jezierski & Fors is a strong specialist company with a relevant service offering in several areas where we continue to see solid demand. Their expertise complements our group well and further strengthens our position in infrastructure, residential and commercial real estate alike. We also see strong potential for collaboration with other companies within XPartners,” says Magnus Trollius, Managing Director of XPartners Sweden.

“We have built Jezierski & Fors with a focus on quality, long-term client relationships and a clear specialist profile. Becoming part of XPartners feels like a natural next step for us. We gain a platform for continued development, new opportunities for collaboration and access to a broader context, while continuing to run the business with the same commitment and close client relationships,” says Morgan Larsson, CEO of Jezierski & Fors.

About Jezierski & Fors
Jezierski & Fors is a technical consultancy specialising in construction and civil engineering, with a clear focus on infrastructure. The company provides services in construction and project management, contract inspection, structural engineering, scanning and 3D modelling, and construction health and safety coordination. Jezierski & Fors was founded in 2015, has over 25 employees, and is headquartered in Malmö with an office in Solna.

Founded in 2019, Proviko is headquartered in Tampere and has an office in Helsinki. The company offers services in project management, project planning, public procurements, design management and construction management, focusing on large and demanding public infrastructure projects. Its operations are particularly focused on transport infrastructure, the water and wastewater sector, and ports. Proviko has around 30 employees.

– Proviko brings strong expertise in public infrastructure project and construction management services and is an important addition to our Finnish platform. The company has a clear market role, a strong entrepreneurial spirit and a stable customer base. Proviko strengthens our presence in a strategically important area and creates good opportunities for cooperation with other group companies, says Vesa Koskelainen, Managing Director of XPartners Finland.

Proviko has established a strong position in large public projects in Finland and works closely with public sector clients throughout the full lifecycle of projects.

– We have built Proviko with great care for both the quality of our services and how we develop our people. Through XPartners, we gain access to a broader context and new opportunities for collaboration. We will continue to develop the company based on our own culture, way of working and high-quality project management expertise, says Hannu Kokkonen, co-founder of Proviko.

About Proviko
Proviko is a Finnish project and construction management consultancy specialising in large and demanding public infrastructure projects. The company was founded in 2019, is headquartered in Tampere, and has an office in Helsinki. Its service offering includes project management, project planning, public procurement, design and construction management, and management consulting. Its operations are particularly focused on transport infrastructure, the water and wastewater sector, and ports.

Based in Kjellstad outside of Drammen, VIAM provides services within technical project management and ITB, as well as procurement and contracts, project support, requirement and functional specifications, follow-up of commissioning, due diligence and technical construction management. The company also offers services within design management, energy management and energy certification. Revenue in 2025 amounted to more than NOK 25 million.

“VIAM adds specialist expertise that fits well with the continued development of our Norwegian platform. The company has a strong offering within technical project management and ITB, complemented by services that broaden the group’s capabilities in Norway,” says Christian Nørgaard Madsen, Managing Director of XPartners Norway.

Founded in 2021, VIAM helps customers create structure and coordination in technically demanding projects, with services spanning planning, procurement, commissioning follow-up and technical construction management.

“Becoming part of XPartners marks an exciting new chapter for VIAM. We look forward to continuing to develop our business as part of a broader group of specialist companies and to contributing with our expertise in technical project management and ITB,” says Rune Gulbrandsen, co-founder of VIAM.

About VIAM
VIAM is a technical consulting firm based in Kjellstad outside of Drammen. Founded in 2021, the company provides services within technical project management and ITB, including procurement and contracts, project support, requirement and functional specifications, follow-up of commissioning, due diligence, technical construction management, design management, and energy-related advisory services.

Founded in 2013, with roots that date back to 1949, RYSE has offices in Utrecht and Groningen. The company provides advisory and project management services throughout the full lifecycle of real estate and urban development projects, from strategy and planning to execution, follow-up and governance. RYSE will now serve as the cornerstone of XPartners’ Dutch platform and the base from which the group intends to continue building with additional specialist firms within real estate and the built environment. The company has around 80 employees and generated revenues of approximately EUR 17 million in 2025.

“RYSE is a well-run specialist consultancy with a strong local position and a clear delivery capability. They have built a high-quality business with a methodology that fits well with our model, where each company retain responsibility for its operations, business and brand. I am very pleased to welcome RYSE to XPartners and look forward to work together with Driss Aarab and his team,” says Sonny Mirborn, CEO of XPartners.

Its client base includes public sector clients and institutions, as well as private property owners and commercial clients. Its assignments cover both new development and renovation, often in environments where functionality, long-term thinking and clear project governance are critical, such as public real estate, commercial premises, healthcare and education.

“I am very proud of the company we have built. We are now gaining a partner that gives us excellent conditions to continue growing, develop the organisation and at the same time preserve what has made us successful. I look forward to continuing to build RYSE together with our employees and taking on a broader responsibility for developing XPartners’ presence in the Netherlands,” says Driss Aarab, founder and CEO of RYSE.

In connection with the acquisition, Driss Aarab will also take on a broader role in XPartners’ as Managing Director in the Netherlands, alongside his position as CEO of RYSE.

“This is a major and important step for XPartners and a fantastic start in the Netherlands. Our ambition is to establish a significant presence with several specialist companies in the Netherlands and build a platform similar to what we have in our Nordic markets. That is when the benefits of collaboration fully accelerates and we unlock the full value of our business model. RYSE will play an important role through its strong local presence and entrepreneurial approach,” says Sonny Mirborn, CEO of XPartners.

“The challenges in the Netherlands are becoming larger and more complex. With this step, we can offer clients the continuity, capacity, and quality that are essential for the supporting decades. By implementing applied knowledge from the Nordics, we will make significant strides in the innovation of our services through cross-pollination. At the same time, our culture and identity will continue to be at the core of our business,” says Driss Aarab, CEO of RYSE.

About RYSE
RYSE is a multidisciplinary consultancy specialising in real estate advisory and project management within the built environment in the Netherlands. The company works with public sector clients and institutions as well as private property owners and commercial clients, with assignments including public real estate, commercial premises, healthcare and education. www.RYSE.nl/en

Insinööriavain was founded in 2017 and is headquartered in Jyväskylä, where a team of around twenty employees provides services in structural design, repair and renovation planning, indoor air quality studies, building condition investigations, and construction and site supervision. The company works with construction companies and industrial clients in new-build projects, with a focus on industrial and logistics facilities, as well as with housing associations and rental housing companies seeking renovation and repair design, façade and balcony condition assessments, and inspections of structural condition and indoor air quality. Revenue amounted to EUR 2.2 million in 2025.

“Insinööriavain brings solid technical expertise and a strong local position in central Finland. Its services in renovation planning, structural design and related project services complement our Finnish platform well and create clear opportunities for collaboration across the group,” says Vesa Koskelainen, Managing Director of XPartners Finland.

“Nine years ago, Veijo Majander and I started out as a team of two, and today Insinööriavain employs twenty professionals. It’s exciting to see what new opportunities joining the extensive XPartners network will bring in the years ahead,” says Hannu Kiukkonen, CEO of Insinööriavain.

About Insinööriavain
Insinööriavain Oy is an engineering consultancy founded in 2017 and headquartered in Jyväskylä. The company provides services in building design, repair and renovation planning, structural design, indoor air quality studies, building condition investigations, and construction and site supervision. Its clients primarily include construction companies, industrial clients, housing associations and rental housing companies in central Finland.

All-Energy was founded in 2018 and operates from its offices in Odense and Rødovre. The company delivers technical advisory and project execution across the full project lifecycle, from technical clarification and control system design through to commissioning, testing, and operational support. The firm specialises in functional safety management (IEC 61508/61511), automation and control systems, process optimisation, CE-marking, risk assessments, and technical project management. Clients are primarily within the energy, marine, and industrial process sectors. Revenue in the most recently reported financial year amounted to over DKK 11 million.

“All-Energy has built a strong position within functional safety and automation in attractive and growing segments. Their specialised capabilities within control systems, regulatory compliance and energy-related engineering complement our existing Danish platform well and add expertise in segments where we see clear long-term demand. There are good conditions for collaboration across the group, and we look forward to developing our joint offering to clients,” says Rasmus Ødum, Managing Director of XPartners Denmark.

The firm has strong references from some of the most technically demanding projects in the Danish energy sector, including Power-to-X and large-scale industrial installations, as well as electrical and battery systems for marine vessels.

“Becoming part of XPartners opens up real opportunities to develop our capabilities together with other strong specialist teams. We gain access to a broader network, new competencies and a platform that lets us deliver even more value to our clients. We are proud to join the group and look forward to what we can achieve together,” says Thomas Ovens, Director and Partner at All-Energy.

About All-Energy
All-Energy ApS is a specialised engineering consultancy founded in 2018, headquartered in Odense. The firm delivers technical advisory and project execution within functional safety management (IEC 61508/61511), automation and control systems, marine electrical and battery systems, process optimisation, CE-marking, risk assessments, and technical project management. Clients are primarily within the energy, marine, and industrial process sectors.

Based in Odense, Graa Arkitekter is one of the most prominent firms within public housing, educational facilities and fire safety consultancy in Southern Denmark. Graa provides multidisciplinary advisory services within construction, including architecture, fire safety, landscape, and client advisory across the full project lifecycle. Graa supports clients throughout the entire process, from early concept development and planning through design and statutory approvals to construction management and site supervision. The firm employs 21 people and has been in operation since 1974.

“We are pleased to welcome a strong and well-run business. Graa has built a solid position as a highly regarded local partner within the construction sector, and their professional standards and approach are a strong fit for XPartners. Graa strengthens our geographical presence in Funen and Southern Denmark and represents a strong complement to PLH and the other companies within XPartners in terms of both clients and competencies, opening up new and exciting opportunities for clients and employees alike,” says Rasmus Ødum, Managing Director of XPartners Denmark.

For Graa, this represents a significant step towards accessing new markets, larger projects and a strengthened organisational platform.

“We have always focused on developing and future-proofing Graa Arkitekter. By becoming part of XPartners’ rapidly growing Danish platform of professionally strong companies and entering into close collaboration with PLH, with whom we share both values, professional standards and approach, we are setting the course for our future development. This gives us access to new competencies and a stronger setup that we look forward to bringing into play for our clients and partners,” says Kristian Hvass, Partner and Director at Graa Arkitekter.

About Graa Arkitekter
Graa Arkitekter, which also includes Graa Brand and Graa Landskab, was founded in 1974 and has over decades built a strong position within residential construction, education, healthcare and public sector building, particularly in Funen and Southern Denmark. Graa Arkitekter is based in Odense and employs 21 people.

Fourth Quarter, October–December

• Net sales increased by 114% to MSEK 995 (465)
• Adjusted EBITA increased by 104% to MSEK 143 (70), margin 14.3% (15.0)
• EBITA increased by 127% to MSEK 75 (33), margin 7.6% (7.1)
• EBIT increased by 118% to MSEK 74 (34), margin 7.5% (7.4)
• Profit after tax decreased to SEK -57 million (9)

Full Year, January–December

• Net sales increased by 152% to MSEK 3,110 (1,235)
• Adjusted EBITA increased by 141% to MSEK 485 (201), margin 15.6% (16.3)
• EBITA increased by 162% to MSEK 306 (117), margin 9.8% (9.5)
• EBIT increased by 161% to MSEK 303 (116), margin 9.7% (9.4)
• Profit after tax decreased to MSEK 3 (13)
• Net debt amounted to MSEK 2,576 (761)
• Adjusted EBITDA LTM (pro forma) amounted to MSEK 829, or MSEK 803 excluding synergies
• Net debt/Adjusted EBITDA LTM (pro forma) was 3.1x at period-end (2.1x)

Significant Events During and After the Fourth Quarter

• Ten acquisitions closed during the quarter and a further eight companies have joined after the turn of the year, totaling 34 companies during 2025
• After the end of the quarter, the company carried out a tap issue of MSEK 1,000

Comments from President and CEO Sonny Mirborn:

”Nordic Expansion with Strong Growth and Good Profitability

XPartners Group ends the year with continued growth and solid profitability. Net sales increased by 114% while Adjusted EBITA grew by 104%.

On a pro forma basis we have now reached several new milestones, with revenue exceeding MSEK 4,000, Adjusted EBITDA LTM amounting to over MSEK 800, and the number of employees surpassing 2,000. Great achievements and a strong validation to of our model and execution.

Financial Development
In the fourth quarter, net sales increased to MSEK 995 (465). Adjusted EBITA amounted to MSEK 143 (70), corresponding to a margin of 14.3% (15.0). The organic growth rate was 3.2%. For the full year 2025, revenue was MSEK 3,110 (1,235). Adjusted EBITA increased to MSEK 485 (201), corresponding to a margin of 15.6% (16.3). The organic growth rate was 4.5%.

The quarter was marked by a generally stable market situation, with continued differences in demand across segments and geographies. In Sweden, activity remained high in community development and infrastructure, while the property and residential segments continued to operate at lower levels. In Norway, performance remained strong, driven by robust public-sector activity and gradually rising demand from the private sector. The energy segment maintained solid momentum, while infrastructure showed slightly softer demand as several major projects moved toward completion. In Denmark, overall market conditions remained stable, supported by infrastructure and urban development, as well as a continued strong renovation market. In the life science segment, decision-making and project initiation processes remained somewhat prolonged, and overall market demand was substantially subdued. The Finnish operations delivered strong organic growth and profitability. This was achieved in a market showing gradual improvement, with a modest increase in demand for public projects, infrastructure, renovation, and segments such as data centers, defense and energy efficiency.

New Companies Joining
Interest in becoming part of XPartners remains strong, and we continue to work methodically to develop our pipeline of well-managed, high-quality companies. During the quarter, ten new companies joined the Group, further strengthening our combined expertise, expanding our customer base and amplifying network effects. Our ambition is the same for every acquisition, each company should preserve its unique identity while gaining access to a larger platform that offers expanded business opportunities, specialist competence, knowledge sharing and the Group’s structural capital.

Collaboration for Increased Leverage
As we advance our growth journey, we continue to build stronger synergies through collaboration on customer projects, joint tenders and capacity sharing across the Group. It is an important part of organic growth and how we strengthen customer value without compromising our entrepreneurial spirit. We also focus on strengthening the Group’s structural capital, which supports our long-term growth potential. A clear example of collaboration in action was the new framework agreement secured during the quarter with the Swedish energy company Vattenfall. The tender was prepared collaboratively and brought together 43 of our companies from across all countries, showcasing our ability to unite specialist expertise across organizational and national boundaries when customers demand breadth, capacity and quality.

Outlook
With a clear direction, an expanding platform and a business model that continues to prove its resilience, XPartners stands strong. As we take on another year, we do so with a solid order backlog and strong cash flow from operations, while our guiding principle remains the same. We empower leading specialist companies with the freedom to lead and the tools to grow, driven by a long-term perspective where our customers and employees are at the center.”

This is a translation of the Swedish original. The Swedish text is the binding version and shall prevail in the event of any discrepancies.